Bitcoin bears gained dominance over bulls and caused BTC price to fall to below $59,000, hitting a 24-hour low of $58,402. The market sentiment has dipped from 74 (greed) last week to 30 (fear) today, indicating the severity of negative sentiment in the crypto market.
Bitcoin dominance has dropped to 53.2% against altcoins, sparking speculation of altseason. However, the altcoin season is not here yet as altcoins are still oversold despite a rebound in the last 24 hours.
Bearish Sentiment Among Derivative Traders
Bitcoin remains bearish for derivatives traders as implied volatility (IV) in all terms and trading volumes indicate a drop amid uncertainty. Implied volatility measures the expected price movements in the coming days based on an option’s price and trading.
Source: The Block
Options traders were bearish on BTC for the last few weeks as spot Bitcoin ETFs saw consecutive outflows. As per CoinShares, digital asset investment products saw $1.2 billion outflows in the last 2 week
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